TotalEnergies Leads Bidding for Galp's Oil Stake in Namibia - Bloomberg
TotalEnergies as Leading Bidder: TotalEnergies has become the top bidder for a 40% stake in Galp Energia's Mopane oil discovery offshore Namibia, with expectations to finalize a partnership by year-end.
Galp's Stake Sale Details: Galp plans to sell half of its 80% holding in Mopane, anticipating a sale price of approximately €200 million in cash and an additional €3 billion in project costs to be covered by the buyer.
Significance of Mopane Discovery: The Mopane complex is estimated to contain up to 10 billion barrels of oil equivalent, making it one of the largest oil discoveries in the last decade.
TotalEnergies' Strategic Move: Acquiring the Mopane stake would enhance TotalEnergies' exploration efforts in Namibia, where it is also negotiating development terms for its nearby Venus discovery.
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